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Pharmacovigilance Market - Industry Analysis, Size, Share, Growth, Trends and Forecast to 2025

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Pharmacovigilance is a study of safety and efficacy of a medical product or drug. It is a science associated with the collection, detection, assessment, and prevention of adverse effects related with the medical product or drug. The role of pharmaco
PHARMACOVIGILANCE MARKET
Global Industry Insights, Trends, Outlook, and
Opportunity Analysis, 2017–2025
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REPORT DESCRIPTION
Pharmacovigilance Market Overview
Pharmacovigilance is a study of safety and efficacy of a medical product or drug. It is a science
associated with the collection, detection, assessment, and prevention of adverse effects related
with the medical product or drug. The role of pharmacovigilance is to analyze the side effects of
the drug and determine the adverse effects, negatively affecting the drug’s efficacy and viceversa. Pharmacovigilance comprises drug discovery and development, preclinical research,
clinical research, and post marketing surveillance. It traces every phase of a drug cycle from
preclinical development to post-market surveillance. Increasing prevalence of adverse drug
reaction and implementation of safety regulations by government regulatory bodies is expected
to fuel growth of the pharmacovigilance market over the forecast period.
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Growing prevalence of adverse drug reactions is expected to fuel pharmacovigilance market
growth over the forecast period
Growing prevalence of adverse reactions caused by drugs, has influenced the pharmaceutical
and biotechnological industries to adapt practices of pharmacovigilance, is in turn, expected to
fuel growth of the market for pharmacovigilance in the near future.
Government regulatory bodies such as the U.S. Food and Drug Administration (U.S.-FDA) and
European Medicines Evaluation Agency (EMEA) have formulated safety regulations to ensure
manufacture of safe drugs and evaluation of its after-effects on patients. These regulations have
to be followed by pharmaceutical and biotechnological companies, in turn, fueling demand for
pharmacovigilance.
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REPORT DESCRIPTION
Global Pharmacovigilance Market Taxonomy
On the basis of clinical trial, the global pharmacovigilance market in segmented into:
• Preclinical Studies
• Phase I
• Phase II
• Phase III
• Phase IV or Post Marketing Surveillance
On the basis of types of reporting, the global pharmacovigilance market in segmented into:
• Spontaneous Reporting
• Targeted Spontaneous Reporting
• Cohort Event Monitoring
• Intensified ADR Reporting
• EHR Mining
On the basis of service provider, the global pharmacovigilance market in segmented into:
• Contract Outsourcing
• In-house
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REPORT DESCRIPTION
Europe is expected to hold a dominant position in the global pharmacovigilance market, due
to introduction of new legislation in European Union
Europe is expected to hold a dominant position in the global pharmacovigilance market, over the
forecast period. This is mainly due to introduction of new legislations in European Union in 2012,
which ensures good vigilance practices for pharmaceutical companies and medicines regulators..
According to National Center for Biotechnology Information, in 2016, Europe accounted for high
incidence of adverse drug reactions, around 5% of all hospital admissions were due to drug reactions,
which caused around 197,000 deaths in EU. Increasing prevalence of adverse drug reactions and
introduction new legislation has influenced adoption of pharmacovigilance among companies, in turn,
fueling the market growth in the region. North America is expected to hold the second-largest market
for pharmacovigilance due to increasing development of new drugs and growth in research and
development activities of pharmaceutical and biotechnology in the U.S.
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Key Players in the Pharmacovigilance Market
PharmaLex, a development consulting and affairs group has collaborated with Volv to boost its
pharmacovigilance business. Key players operating in the global pharmacovigilance market
include Accenture, Cognizant, PAREXEL International Corporation, IBM Corporation, Clinquest
Group B.V., Wipro Ltd, Oracle Corporation, Foresight Group International AG, TAKE Solutions
Ltd, and United BioSource Corporation.
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